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iPierian Closes $22 Million Series B Financing Led By Google Ventures
Date:7/8/2010

SOUTH SAN FRANCISCO, Calif., July 8 /PRNewswire/ -- iPierian, Inc., the leading biopharmaceutical company using patient-derived induced pluripotent stem cells (iPSCs) for drug discovery, today announced the closing of a $22 million Series B equity financing.  The financing round was led by new investor Google Ventures, and was joined by Mitsubishi UFJ Capital and ATEL Ventures.  All current investors also participated, including: Kleiner Perkins Caufield & Byers, Highland Capital Partners, MPM Capital and FinTech Global Capital. This financing will allow the company to drive its programs into the clinic, while securing pharmaceutical partnerships.  The Series B financing brings the total amount of equity capital raised by iPierian to $54 million since its inception in 2007.

Krishna Yeshwant, M.D., a partner at Google Ventures, will join the iPierian Board of Directors.  "iPierian's work with iPSCs is incredibly exciting.  The company has perfected a difficult technology and is making excellent progress in finding new therapeutics to treat serious diseases," said Dr. Yeshwant.  "The company has created a remarkable opportunity to integrate massive amounts of imaging, genomic, molecular, and clinical data in a way that will dramatically improve the drug discovery and development process, and we look forward to helping them accomplish their mission."

Corey Goodman, Ph.D., chairman of the iPierian Board, commented, "We are pleased to welcome our new investors.  Our rapid scientific progress is allowing us to harness iPS technology as a research platform to identify novel therapeutics for patients with major unmet medical needs."


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SOURCE iPierian, Inc.
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